Budget question - free beater

Last year my dad went to trade his old pickup in and they told him they could give him 500 times as a courtesy. He said no thanks and handed it down to me instead. It's at the point where it's not really much use any more, every panel is dented and or rotten, windshield leaks due to rust, bed is so rotten you can't stand in the middle, and so on. But, it does run most of the time and I figured I should do something fun. Might try this challenge. The rules state

"Q: Can I claim a free car as a $0 budget and what can I recoup towards the limit from it?

A: The car starts at $0, but you cannot recoup money from a transaction that cost you nothing to begin with"

So am I reading this right? Can I start at 0 with it?

Car would be fmv which sounds like scrap value.

Yeah I'd think scrap value is good. What truck?  6 cents a pound x 4000 = $240. 

Ah ok, that makes sense. I'll have to re-read and let the rules soak in. It's a 3/4 ton chevy, probably 5500 pounds or so. Maybe less with all the Midwest weight reduction it has. I'm not sure. But that gives me an idea of where I'm starting. Thanks guys

In reply to TommyWants :

A seasoned move would be to get a weigh slip showing its real weight. Might wanna remove anything that is extra to the Challenge and adds weight like a tool box. Hard to argue against a weigh slip and 6 cents a pound.

Good call. One more question, I bought tie rods from rock when I got it and never put them on. I don't have the receipt so if I use them can I just use the list price on the website plus shipping?

In reply to TommyWants :

Yup. That is an acceptible way of determining FMV  

Give your dad a six-pack of his favorite beer for the truck. That is the purchase price. 

It completely depends on the truck.  A rusty 90 c2500 with a 350 is fmv significantly less than a rusty 2002 c2500 with a 6.0.  Dad giving you the truck is an inside deal.  It wasn’t advertised as free anywhere.  

Set some sort of precedent for fmv.  Find a similar one for sale.  A running driving truck isn’t scrap price fmv anywhere i know of, because cheap trucks are always in demand.  

Agreed, that's worth a lot more than scrap if it has an LS.

I know Ive been out of the game for a while, but... For something to be $0 didn't it have to be a deal that anyone could have gotten?  IE your dad would have given it to me for free...  or anyone else for that matter?  If the dealership offered $500 and he declined, as stated in your post...  doesn't that put documented FMV north of $500?

Title change in florida $100 truck value scrap $300 

In reply to Stampie :

Trucks usually get just a bit more because of the utility value